Redwood to produce sustainable battery materials at new US plant
Author: City Center One. License: All rights reserved.
As part of a plan to produce strategic battery materials in the US, Nevada-based Redwood Materials Inc will announce by early next year a site for its North American manufacturing facility.
There, the company intends to produce 100 GWh per year of cathode active materials and anode foil for one million electric vehicles (EVs) by 2025. Its annual materials production output is seen to scale to 500 GWh by that time so it could enable the production of batteries to power five million EVs by 2030.
Redwood’s goal is to offer large-scale sources of the particular materials, produced locally from as many recycled batteries as available and augmented with sustainably mined material. This, it hopes, would help transform the lithium-ion battery supply chain.
“To make electric vehicles and energy storage products fully sustainable and affordable we need to actually close the loop at their end of life. This means not just collecting and recycling the batteries but also continuing further, fully refining the materials we recover and then manufacturing them back into precision battery materials to use those raw materials again,” the company said.
In July, Redwood announced a more than USD 700 million (EUR 593m) external investment in a funding round led by funds and accounts advised by T. Rowe Price Associates Inc, with participation from Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board and Fidelity.